绿色金融盈利性与公益性关系分析
李晓西 (3)
An Analysis of the Relationship between the Profitability and Public Welfare of Green Finance
LI Xiao-xi (3)
实体企业金融投资与宏观经济波动——基于金融投资收益持续上升的视角
朱映惠 (12)
Financial Investment of Tangible Enterprises and Fluctuation in Macro-Economy——From the Perspective of Continuous Rise in Financial Investment Earnings
ZHU Ying-hui (12)
期限错配与中国商业银行全要素生产率
宋凯艺 卞元超 (24)
Term Mismatch and Total Factor Productivity of Chinese Commercial Banks
SONG Kai-yi BIAN Yuan-chao (24)
社会资本、家庭财富与农户正规信贷配给
谭燕芝 胡万俊 (37)
Social Capital, Family Wealth and Normal Credit Rationing to Farmers
TAN Yan-zhi HU Wan-jun (37)
人民币升值如何影响中国出口企业的创新？
何 砚 陆文香 (50)
How the RMB Appreciation Impacts the Innovation of Chinese Export Enterprises?
HE Yan LU Wen-xiang (50)
汇率波动对股价区制转换的影响——基于LSTR模型的分析
屠年松 王 浩（62)
The Impact of Fluctuation in Exchange Rate on the Regime Switching of Stock Price——An Analysis Based on LSTR Model
TU Nian-song WANG Hao (62)
投资者互动与股票收益——来自社交媒体的经验证据
金德环 李 岩（72)
Investor Interaction and Stock Returns ——Empirical Evidences of Social Media
JIN De-huan LI Yan (72)
绿色金融盈利性与公益性关系分析
李晓西
［摘 要］本文从政府的定位、政府与市场的关系、金融机构盈利性与公益性的选择等方面，分析绿色金融发展所面临的深层次矛盾。政府在定位上应选择尊重市场主体的方式引导与支持绿色金融发展；在处理政府与市场的关系方面，既要看到政府与市场结合的重要性，又要看到在中国经济转型过程中厘清政府职能边界中的复杂性；从金融机构盈利性与公益性的选择上，可以看出绿色金融诸多理论与实践问题的研究有待进一步深入。将绿色因素纳入金融管理体制与金融机构的金融运行体系中，任重而道远。
［关键词］绿色金融；绿色金融战略；绿色信贷；赤道原则；碳金融
［Abstract］ From the perspectives of the government’s role, the relationship between government and market, the choice between the profitability and the public welfare of financial institutions, the author of this paper analyzes the problems in the development of green finance. As the government’s role is concerned, the government should respect market participants so as to guide and support the development of green finance; as to the relationship between government and market, it is necessary to attach importance to not only the cooperation between government and market, but also the complexity of clarifying the boundary of government functions in the transformation process of China’s economy; through the choice between the profitability and the public welfare of financial institutions, it’s found that the problems concerning the theory and practice of green finance need to be researched further. It’s a long way to go that the green factor is into the financial management system and the operation system of financial institutions.
［Key words］ green finance; green finance strategy; green credit; equatorial principle; carbon finance
实体企业金融投资与宏观经济波动——基于金融投资收益持续上升的视角
朱映惠
［摘 要］ 本文研究实体企业金融投资收益对中国宏观经济波动的影响，研究结果表明：第一，企业获利渠道对金融投资收益的依赖性增强对中国宏观经济波动具有放大作用，且相较于次贷危机前期，在次贷危机后的经济下行区间这种放大效应更显著；第二，银行信贷是连接企业金融投资收益与宏观经济波动的传导机制，银行信贷增加通过提高企业金融投资规模、增加企业金融投资收益，加剧了经济波动。
［关键词］ 企业金融投资；金融投资收益；信贷配置；经济波动
［Abstract］ The author of this paper researches the impacts of the financial investment of tangible enterprises on fluctuation in Chinese macro-economy. The results of the paper show that, first, the increase in the dependence of enterprise profit channels on the earnings of financial investment has a magnifying effect on fluctuation in Chinese macro-economy, and compared to the earlier stage of the Sub-prime Crisis, the effect in the downward interval after the Sub-prime Crisis is more significant; second, the bank credit is a transmission way connecting the earnings of the financial investment of enterprises and the fluctuation in macro-economy, and the increase in bank credits intensifies the fluctuation by enlarging the financial investment size of enterprise and adding the earnings of financial investment.
［Key words］ financial investment of enterprise; earnings of financial investment; allocation of credit; fluctuation in economy
期限错配与中国商业银行全要素生产率
宋凯艺 卞元超
［摘 要］ 本文测算中国商业银行全要素生产率及其存贷期限错配缺口，分析存贷期限错配对商业银行全要素生产率的影响。研究发现：考察期内，中国商业银行的全要素生产率呈缓慢增长态势，且存在较大的流动性盈余；期限错配对商业银行全要素生产率具有显著的正向影响，这种影响呈现出显著的倒U形特征；存贷期限错配对商业银行效率改善的影响显著为负，对其技术进步效应的影响显著为正，且这两方面的影响亦均表现出非线性特征。
［关键词］ 商业银行；期限错配；全要素生产率；效率改善效应；技术进步效应
［Abstract］ The paper presents a calculation of the total factor productivity (TFP) and the deposit-loan term mismatch of Chinese commercial banks, and an analysis of the impact of deposit-loan term mismatch on the TFP of commercial banks. It is found that the TFP of Chinese commercial banks shows a slow-growth trend in the sample period, and the banks have a large liquidity surplus; the term mismatch has a significant positive impact on the TFP, and the impact shows a significant inverted U shape; the impact of deposit-loan term mismatch on the efficiency improvement of commercial banks is significantly negative, but the impact on technological progress is significantly positive, and the two impacts show non-linear characteristics.
［Key words］commercial bank; term mismatch; total factor productivity; effect of efficiency improvement; effect of technological progress
社会资本、家庭财富与农户正规信贷配给
谭燕芝 胡万俊
［摘 要］ 本文根据中国收入分配研究院CHIP2013数据，研究社会资本、家庭财富对农户正规信贷配给的影响及其影响机制。研究结果显示：社会资本显著降低了农户受正规信贷配给约20%的概率，家庭财富负向影响农户正规信贷配给但影响程度有限；社会资本显著降低了因信贷被拒绝、信贷价格高、交易成本高及投资项目风险高造成正规信贷配给的概率，其中影响最大的为因信贷价格高而造成的未借贷型信贷配给；家庭财富显著降低了因信贷价格高造成正规信贷配给的概率，却提高了受到数量配给的概率。
［关键词］ 农户；社会资本；家庭财富；正规信贷配给；农村金融制度
［Abstract］ Based on the CHIP2013 data published by China Institute for Income Distribution, the author of this paper analyzes the influence of social capital and family wealth on normal credit rationing to farmers and the influence mechanism. The results of the paper show that the social capital has significantly reduced the probability of normal credit rationing to farmers by about 20%, and the family wealth has a negative impact on the rationing, but the degree is low; the social capital has significantly reduced the probability of the rationing due to rejected credits, high-price credits, high-cost transaction and high-risk investment projects, and what is impacted most is the non-lending credit rationing due to high price; the family wealth has significantly reduced the probability of the rationing due to high-price credits, but increased the probability of quantity rationing.
［Key words］ farmer; social capital; family wealth; formal credit rationing；rural financial system
人民币升值如何影响中国出口企业的创新？
何 砚 陆文香
［摘 要］ 本文以2000~2010年的中国制造业企业数据为基础，使用DID方法全面考察人民币升值对出口企业创新的影响。研究发现，人民币升值显著促进了中国出口企业的创新能力提升，人民币升值对企业创新的积极影响随着企业出口强度的提高而增强；引入企业异质性的分析表明，人民币升值对出口企业创新的影响受到企业融资状况和企业规模的制约；通过将生存分析方法纳入分析框架发现人民币升值与企业创新持续时间呈正比，即人民币升值有益于延长企业的创新持续期。
［关键词］ 人民币升值；企业创新；出口企业；成本节约效应；市场竞争效应
［Abstract］Based on the data of Chinese manufacturing enterprises during 2000-2010, the author of this paper uses the DID method to examine the impact of RMB appreciation on the innovation of export enterprises comprehensively. It’s found that the RMB appreciation has significantly promoted the innovation ability of Chinese export enterprises, and the positive impact of RMB appreciation on enterprise innovation has been enhanced with the increase in enterprise export intensity. The analysis of enterprise heterogeneity shows that the impact of RMB appreciation on the innovation of export enterprises depends on the situation of enterprise financing and the enterprise size; by the introduction of survival analysis into the analysis framework, it’s found that the RMB appreciation is proportional to the innovation duration, which shows that the RMB appreciation is conducive to extending the innovation duration.
［Key words］ RMB appreciation; enterprise innovation; export enterprise; cost-saving effect; market-competition effect
汇率波动对股价区制转换的影响——基于LSTR模型的分析
屠年松 王 浩
［摘 要］ 本文在人民币汇率浮动区间扩大和“沪港通”的背景下，基于LSTR模型研究汇率波动对股价区制转换的影响，结论为：汇率对股价的影响存在区制转换，即在不同汇率波动区间，股票收益率波动有两种不同的机制，这两种机制的转换发生在汇率波动率等于0.082 38时。为防范系统性金融风险发生，应加强对国际游资的监管和适时引导汇率预期。
［关键词］ 汇率；股价；LSTR；区制转换；国际游资；外汇管理
［Abstract］ Based on the LSTR model, the author of this paper analyzes the impact of fluctuation in exchange rate on the regime switching of stock price in the context of the expansion of RMB exchange rate fluctuation range and the “Shanghai-Hong Kong Stock Connect Program”. The following is the conclusion of the paper: there is a regime switching relating to the impact of exchange rate on stock price, which indicates that there are two mechanisms of fluctuation in the return of stocks in different exchange rate fluctuation ranges, and the two mechanisms switch at the exchange rate fluctuation of 0.082 38. To prevent the systemic financial risks, it’s needed to strengthen the supervision of international hot money and guide exchange rate expectations timely.
［Key words］ exchange rate; stock price; LSTR; regime switching; international hot money; foreign exchange management
投资者互动与股票收益——来自社交媒体的经验证据
金德环 李 岩
［摘 要］ 本文通过对社交媒体数据的搜集与整理，构建能够反映投资者互动的指标，以此研究其与股票收益间的内在关系。研究发现，投资者互动越低的股票未来收益越高，多空套利组合月收益率高达2.1%，此超额收益不能被Fama-French三因子模型所解释。进一步研究发现，股票流动性的高低并未直接影响投资者互动收益的强弱，而投资者互动收益在投资者认知度低的股票中表现尤为强烈，说明公司信息传播的广度将影响股票收益。
［关键词］ 投资者互动；股票收益率；社交媒体；网络数据；流动性假说；投资者认知假说
［Abstract］ Based on the collection of the data of social media, the author of this paper sets up the indexes indicating investor interaction, and researches the intrinsic relationship of stock returns. It’s found that, the less the investor interaction, the higher the future stock earnings are; the arbitrage portfolio return is up to 2.1%, and this excess return can not be explained by the Fama-French three-factor model; the extent of stock liquidity does not directly affect the return level of investor interaction, and the return of investor interaction is most significant in stocks acknowledged less by investors, which indicates that the breadth of corporate information dissemination affects the stock returns.
［Key words］ investor interaction; stock return; social media; web data; liquidity hypothesis; investor cognitive hypothesis